Building Dollars & Cents: Core Concept: Budget Creation Basics

48 STEPS

1. Welcome to the Euna Grants Core Concept video focused on Budget Creation Basics.

2. Euna Grants features robust financial tracking capability for your grant portfolio. In order to leverage the full scope there are numerous set up and configuration steps that need to occur with each grant.

3. These include configuring your budget settings, creating your budget categories and line items. Once those steps are completed you can add expenses to your budget, capture budget activity and track payments.

4. Today, we are focused on the building blocks for a budget. These include first ensuring your master data is entered, second, validating your grant details that could impact the budget and finally, configuring your grant budget settings.

5. First, let’s confirm your master data. To enter a budget you’ll need staff records and budget categories. For personnel line items in your budget you may need compensation records if you’ll be tracking staff salary and benefits types are included.

6. Let’s review where within Euna Grants you’d check these items. Log into Euna Grants and navigate to contacts and then Staff to validate any staff associated with this grant are in the system.

7. Click Staff

8. To confirm any compensation records, click on the staff members name

9. then select Compensation

10. then select Records

11. To check budget categories, navigate to Administration

12. Click Lists

13. Click Budget Categories

14. And finally, also under lists you can select Benefit types to confirm any relevant benefit types to your grant are entered.

15. There are a few items on the grant details you’ll want to check before entering your budget as these will impact your budget settings. These items include the Grant Funded Amount, any match if applicable, Length of Award, Dates and Grant Manager

16. In Euna Grants all this information is available on the grant details page. You can get there by navigating to Grant management

17. Click Grants

18. Selecting your specific grant and then scrolling through the grant details. If you need to edit any of the grant details, click the pencil icon in the top right icon tool bar to edit the grant.

19. Now budget settings. While some settings can be done on a global level under administration, system settings, including matching and indirect cost rate, each grant requires you to configure budget settings within the grant itself.

20. For more information about global budget settings please visit our support site and watch our quick tip video on Administrative Settings.

21. After you log into Euna Grants navigate to the specific grant you are going to work on today. From the grant details page go to Post-Award.

22. With your mouse, hover Settings and click Budget Settings

23. Click on the pencil icon to edit the budget settings.

24. The first section is matching

25. Select from the dropdown: Disable (for no tracking), Enable (optional tracking), or Require (mandatory tracking) for categories/line items. Enable is the most flexible option.

26. If you mark match as either enable or required, additional options will appear.

27. These include – Use match percentage as – here you can select to match based on the total grant budget meaning the grant funded amount plus any match OR based on the grant funded amount only

28. The field of post award cash match comes from your grant details page. If you forgot to add the cash match amount in your grant, you can go back to the grant details page and edit your grant to enter this.

29. You have the option to default the cash match based on percentage or dollar amount. Based on what you select you will either need to enter the default % or amount.

30. Optionally, you have in kind match and other funding match, the Post Award in-kind match and post-award other funding match amount will come from your grant details and the options for matching are similar to the cash match options we just reviewed,

31. Both, In-Kind and Other Funding have separate rate options for personnel and non personnel.

32. The next setting in the budget configuration is indirect cost tracking. If your grant funds indirect costs you can check this box for additional options to appear. If checked an indirect cost category will appear in the budget.

33. If I check track indirect cost, additional options appear, including this indirect rate table.

34. There is a type drop down, these are different labels you can select, but they have no functional difference

35. Then you can add a percentage for a particular date range. If for instance the percentage increases in the second year of your grant, you can add that by hitting the plus sign and entering a new line.

36. Next, you have two options for calculating indirect costs, either by the direct cost, which includes the match or by the grant-funded amount which excludes the match.

37. You can have the system generate indirect costs. Meaning indirect expenses will be automatically created when expenses are added against line items that generate indirect. Or you can manually import or enter indirect costs.

38. Next is Reconciliation Method. Here you can choose Advance Payment which are given to recipient a defined payment schedule which includes an initial Advance

39. Working capital which are given to recipient based on maintaining the working capital rate over the life of the grant

40. Reimbursement, which the recipient spends own money and then requests grant funds as reimbursement

41. The next step is to add the budget categories for this grant.

42. You can add all federal categories at once by having that selected in the drop down

43. You can add one category at a time by putting the category name in the drop down then clicking Add. Remember your budget categories pull from Administration>Lists>Budget Categories

44. Our last portion of the budget settings is benefits. You have two options for adding benefits.

45. You can add benefits by Personnel: planned per employee, using staff compensation data on personnel line items; or by Benefit Type: benefits are planned as separate line items for all grant-funded positions.

46. To add a benefit type ensure the name is in the drop down then click add. Remember benefit types pull from Administration>Lists> Benefit Types

47. Now after all your hard work configuring your budget, don’t forget to click save at the bottom to save all your changes to the budget settings!

48. Congratulations! You’ve successfully configured your budget settings on your first grant. If you have additional questions on the budget settings please visit our support site. Thank you!